New York, N.Y., Oct. 04, 2023 (GLOBE NEWSWIRE) -- LIS Technologies Inc. (“LIST” or “the Company”), a USA based, proprietary developer of a patented advanced laser technology with a wide range of applications including uranium enrichment, with several major advantages over traditional methods such as gas diffusion and centrifuges, announced that following its acquisition of the patented advanced laser technology company, CRISLA Inc., it has now been added as a registered member of the United States Department of Energy and the Office of Nuclear Energy High-Assay, Low-Enriched Uranium (HALEU) consortium.
A full list of consortium members can be found here: https://www.energy.gov/ne/haleu-consortium-members
The HALEU consortium is a U.S. Department of Energy program that offers entities involved in any stage of the nuclear fuel cycle the opportunity to partner with the Department to support the availability of HALEU for civilian domestic demonstration and commercial use. Members of the HALEU consortium are expected to play a significant role in the deployment and commercialization of advanced nuclear reactors and related infrastructure in the United States.
“It is refreshing to see how proactively the United States government has embraced the challenge of reshaping its nuclear energy goals and capabilities,” said Christo Liebenberg, CEO of LIS Technologies Inc. “Collaborating with the Department of Energy to ensure a reliable domestic source of HALEU offers several practical benefits for both the Company and the wider industry as a whole. We intend to apply the knowledge gained from this partnership to steadily enhance our innovative technologies.”
Figure 1 - U.S. Department of Energy HALEU Consortium - Office of Nuclear Energy
Compared to traditional reactor fuel that is enriched so that the concentration of the fissile isotope uranium-235 (U-235) is between 3% and 5% U-235, HALEU can reach a concentration of anywhere from 5% to 20%. It has several uses, such as producing isotopes for medical use, but is also commonly found in fuel for some research and test reactors. The main application though is that HALEU will be used to fuel the next generation Small Modular Reactors (SMRs), that will allow for more thoroughly optimized reactor cores, longer core life and increases efficiencies. TerraPower, founded by Bill Gates, delayed its Natrium reactor by at least two years last December, citing uncertain HALEU availability due to Russia’s invasion of Ukraine.
As part of the Inflation Reduction Act, $700 million has been earmarked to support the development of a domestic supply chain for HALEU. The money must be applied by 2026, underscoring how important domestic uranium enrichment capabilities are to the Biden Administration.
“The United States currently has a limited domestic capacity to deliver HALEU,” said Jeff Eerkens, Ph.D., Chief Technical Officer of LIS Technologies Inc. “It has been encouraging to see the rate at which the U.S. government has undertaken initiatives to drive transformation in the advanced nuclear energy and HALEU fuel sectors. Establishing a secure supply of this crucial fuel, both in the short and long term, at a national level, signifies a significant stride towards bolstering energy accessibility and sovereignty.”
About LIS Technologies Inc.
LIS Technologies Inc. (LIST) is a USA based, proprietary developer of a patented advanced laser technology, making use of infrared wavelengths to selectively excite the molecules of desired isotopes to separate them from other isotopes. The Laser Isotope Separation Technology (L.I.S.T) has a huge range of applications, including uranium enrichment, and several major advantages over traditional methods such as gas diffusion, centrifuges, and prior art laser enrichment. The LIST proprietary laser-based process is more energy-efficient and has the potential to be deployed with highly competitive capital and operational costs. L.I.S.T is optimized for High-Assay Low-Enriched Uranium (HALEU) for the next generation of Small Modular Reactors (SMR) and civil nuclear fuel, the production of stable isotopes for medical and scientific research, and applications in quantum computing manufacturing for semiconductor technologies. The Company employs a world class nuclear technical team working alongside leading nuclear entrepreneurs and industry professionals, possessing strong relationships with government and private nuclear industries.
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Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as "expects", "anticipates", "intends", "plans", "believes", "will", "should", "could", "would" or "may" and other words of similar meaning. These forward-looking statements are based on information available to us as of the date of this news release and represent management's current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve known and unknown risks, uncertainties and other factors, which may be beyond our control. For LIS Technologies Inc., particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following which are, and will be, exacerbated by any worsening of global business and economic environment: (i) risks related to the development of new or advanced technology, including difficulties with design and testing, cost overruns, development of competitive technology, loss of key individuals and uncertainty of success of patent filing, (ii) our ability to obtain contracts and funding to be able to continue operations and (iii) risks related to uncertainty regarding our ability to commercially deploy a competitive laser enrichment technology, (iv) risks related to the impact of government regulation and policies including by the DOE and the U.S. Nuclear Regulatory Commission; and other risks and uncertainties discussed in this and our other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.
